Latest Polkadot updates on February 22nd

The upcoming Polkadot Community Call is set to take place tomorrow, February 21st, at 4pm CET. During the call, @InterlayHQ, an organization that develops Polkadot’s token-bonding curve, will be discussing its current progress, as well as its plans for the future. Additionally, members of the Polkadot team will be present to answer any questions. The call also marks the launch of the new Polkadot Governance Portal, a platform that will enable the token holders to vote on proposals and make decisions that will shape the fate of the project. This is an important event for the Polkadot community, and all members are encouraged to take part.

What is Polkadot ?

Polkadot is a decentralized blockchain network that provides a platform for interoperability between different blockchains. It allows for the transfer of any type of data or asset, not just tokens, between different blockchains. Using its advanced staking system, it is designed for maximum decentralization and fair representation, rewarding good actors and punishing bad actors to ensure network security.

Polkadot provides economic scalability by enabling a common set of validators to secure multiple blockchains. It also provides transactional scalability by spreading transactions across multiple parallel blockchains. Through the Substrate framework, users can create a custom blockchain in minutes and connect it to Polkadot, providing them with interoperability and security from day one. Polkadot also has a sophisticated governance system where all stakeholders have a voice and network upgrades are coordinated on-chain and enacted autonomously and without forking the network.

The DOT token serves three distinct purposes: governance over the network, staking and bonding. Token holders have complete control over the protocol, and can keep the network secure and collect rewards by staking DOT. New parachains can be added by bonding tokens, or outdated or non-useful parachains removed by removing bonded tokens.

Polkadot is energy efficient, consuming a small fraction of the energy used by conventional blockchains thanks to its nominated proof-of-stake (NPoS) model. It has the lowest carbon footprint among proof-of-stake protocols analyzed in recent research, using the equivalent of ~6.6 US households worth of energy per year.

Anyone can participate in staking with just 1 DOT through the new Staking Dashboard. With Polkadot, the multichain vision for Web3 starts here, allowing for the construction of a truly interoperable decentralized web.

This article was published on 2023-01-29 by Marc Endevor. Information shown in this article was gathered from the project’s website and Twitter account. Coinvestigate cannot guarantee the accuracy of this information, or any news that may have impacted the project in the meantime.